XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent events  
Subsequent Events

Note 10 - Subsequent Events

Dividend Declaration

On July 13, 2021, our board of directors declared a cash dividend of $0.07 per common share payable on August 13, 2021 to stockholders of record as of July 30, 2021.

Private REIT

On July 13, 2021, the Company announced that the Private REIT will be liquidated. The Private REIT Manager, acting as liquidator of the Private REIT, will sell the Private REIT’s assets, discharge its liabilities and wind up its affairs. The Private REIT’s outstanding participations in loans originated and sold by the Company to the Private REIT will be purchased by the Company for a cash payment by the Company equal to the fair value of the Private REIT’s loan participations as of August 1, 2021 (the "Liquidation Date"), which is projected to be approximately $42 million. The Private REIT will distribute 100% of its assets in excess of cash required to discharge liabilities (including accrued liabilities for liquidation costs) to its investors based on their relative percentage interests as of the Liquidation Date. The liquidation of the Private REIT and distribution of its assets is scheduled to be completed by the end of the third quarter 2021. Upon completion of the purchase, the Company will hold 100% of the participation interests in its outstanding loans.